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Fed Slashes Economic Outlook, Raises Inflation And Unemployment Rate Projection

Tyler Durden's picture




 

And it just gets uglier:

  • FED OFFICIALS SEE 2011 GDP 1.6%-1.7% VS 2.7%-2.9%
  • FED OFFICIALS SEE 2012 GDP 2.5%-2.9% VS 3.3%-3.7%
  • FED OFFICIALS SEE LONGER-RUN GDP 2.4%-2.7% VS 2.5%-2.8%
  • FED OFFICIALS SEE 2011 UNEMPLOYMENT 9.0%-9.1% VS 8.6%-8.9%
  • FED OFFICIALS SEE 2012 JOBLESS ESTIMATE 8.5%-8.7% VS 7.8%-8.2%
  • FED OFFICIALS SEE 2013 JOBLESS ESTIMATE 7.8%-8.2% VS 7.0%-7.5%
  • FED OFFICIALS SEE LONGER-RUN JOBLESS 5.2%-6.0% VS 5.2%-5.6%

Full breakdown:

Full announcement

 

 

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Wed, 11/02/2011 - 14:12 | 1837727 slaughterer
slaughterer's picture

Preparing the groundwork for QEn.

Wed, 11/02/2011 - 14:13 | 1837737 centerline
centerline's picture

They have to make sure the politicians fingerprints are on the lever though.

Wed, 11/02/2011 - 14:14 | 1837743 Hard1
Hard1's picture

These guys are so optimistic! they keep forgetting the minus sign in front of the 2012 GDP estimate

Wed, 11/02/2011 - 14:40 | 1837941 rcintc
rcintc's picture

Not to worry, inflation is only Transitory.

Wed, 11/02/2011 - 14:41 | 1837948 derek_vineyard
derek_vineyard's picture

Bernanke always has cotton mouth.

Wed, 11/02/2011 - 15:02 | 1838074 nope-1004
nope-1004's picture

They print this shit in the hopes the market will follow their map.  None of this is even remotely accurate, especially during times of economic uncertainty.

Any and all of these printed pieces of Fed SHIT aren't worth 1/100 oz of silver.

Pure garbage.  The Fed is playing "follow me" with issuing these projections.  Complete mind numbing manipulation and coercion of the sheeple.

We all know inflation is higher than 2%.  LIAR Ben.

 

Wed, 11/02/2011 - 15:26 | 1838184 LongBalls
LongBalls's picture

You are exact. They print creating inflation, then let the CME bash commodities, then print creating inflation, then let the rumors and data that support deflation run-a-muck to knock down commodities, then print......etc.

Again, as it has been stated here numerous times; welcome to stagflation.

Wed, 11/02/2011 - 15:53 | 1838328 trav7777
trav7777's picture

notice how the numbers get better into the future

I guess they are already announcing an increased lying program going forward which will bend the truth even further.

The numbers which aren't total bullshit now will be.  You won't know anyone who has a job, but the headline UE will be 6%

Wed, 11/02/2011 - 17:03 | 1838643 Messianic
Messianic's picture

I've always wondered what the reported unemployment % would be if everyone - every single person in the country - quit their jobs.  Like 30%?

Wed, 11/02/2011 - 20:08 | 1839273 blunderdog
blunderdog's picture

It wouldn't change, because everyone who quit would just be marked down as "retired" or "left the workforce."

Wed, 11/02/2011 - 20:57 | 1839439 Messianic
Messianic's picture

Lol, true...

 

"No one is actually working, but the unemployment rate is 25%."

 

Morons.

Wed, 11/02/2011 - 14:15 | 1837753 DoChenRollingBearing
DoChenRollingBearing's picture

@ slaughterer

Yes.  And we better get used to constantly revised numbers for the foreseeable future.  It's all lies anyway.

The answer is gold.

Wed, 11/02/2011 - 14:12 | 1837729 dbach
dbach's picture

Stagflation bitchez!

Wed, 11/02/2011 - 14:14 | 1837744 devo
devo's picture

Precisely.

Wed, 11/02/2011 - 14:28 | 1837859 theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

can only go on so long...

Wed, 11/02/2011 - 14:31 | 1837878 s2man
s2man's picture

Things that can’t go on forever, don’t - but they can sure take a long time about it

Wed, 11/02/2011 - 14:40 | 1837940 derek_vineyard
derek_vineyard's picture

Has any government agency ever under estimated the statistics that support their agenda?

Wed, 11/02/2011 - 14:13 | 1837730 Cassandra Syndrome
Cassandra Syndrome's picture
  •  FED OFFICIALS SEE 2012 ANGRY TORCH MOBS OUTSIDE .....
Wed, 11/02/2011 - 14:32 | 1837886 ArkansasAngie
ArkansasAngie's picture

I've got my pitchfork ready
It's plastic but hay ... It comes from china

Wed, 11/02/2011 - 15:07 | 1838103 MachoMan
MachoMan's picture

hay is for horses

Wed, 11/02/2011 - 14:45 | 1837898 Quinvarius
Quinvarius's picture

But Fed models forecast 2012 mobs only .3% larger than current torch bearing mobs.  Well under the projected rise in unemployment, and therefore an improvement

Also, these mobs will count as floor traffic at the malls they are burning down during Christmas season--Bullish.

Wed, 11/02/2011 - 14:12 | 1837731 Hearst
Hearst's picture

Fed slashes own wrists goes long blood.

Wed, 11/02/2011 - 14:12 | 1837733 NOTW777
NOTW777's picture

again - how can they get away with the happy recovery talk

Wed, 11/02/2011 - 14:27 | 1837836 john39
john39's picture

if you repeat a lie often enough...

Wed, 11/02/2011 - 14:13 | 1837734 No One
No One's picture

Less Employed = More EPS = BULLISH!!! Dow 36,000!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

Why are we green today?

Wed, 11/02/2011 - 14:16 | 1837758 bnbdnb
bnbdnb's picture

We are always green, unless someone says something negative.

Wed, 11/02/2011 - 14:32 | 1837880 Flakmeister
Flakmeister's picture

Why are we green today?

Maybe you got drunk and passed out at a body painting salon? Maybe you channeled Kermit the Frog? Fucked if I know..

Wed, 11/02/2011 - 15:13 | 1838132 Manthong
Manthong's picture

Because algos juiced by the PPT are generally biased positive..

Until they are not.

Wed, 11/02/2011 - 14:12 | 1837736 Aunty Christ
Aunty Christ's picture

I'll take the opposite side of these crack induced projections

Wed, 11/02/2011 - 14:13 | 1837738 pendragon
pendragon's picture

stocks initial reaction was rally!

Wed, 11/02/2011 - 14:19 | 1837771 cosmictrainwreck
cosmictrainwreck's picture

I'm seeing NOTHING....what did I miss?

Wed, 11/02/2011 - 14:29 | 1837863 Carlyle Groupie
Carlyle Groupie's picture

I'm seeing consolidation in a tight range. Should have broken out. Algo's have been turned off?

Bullish unless Greek rumor comes true.

Wed, 11/02/2011 - 14:55 | 1838033 Mike2756
Mike2756's picture

yep, ramp is on.

Wed, 11/02/2011 - 14:13 | 1837739 Cdad
Cdad's picture

And by some magic, the EUR/USD prints 1.38 in a flash.  Ummm...what the hell was that?

Wed, 11/02/2011 - 14:15 | 1837752 qussl3
qussl3's picture

Fx over the ST is BS, the leverage is there to hang yourself with.

The brokers must be making like bandits these couple of months.

Wed, 11/02/2011 - 14:16 | 1837756 Johnny Yuma
Johnny Yuma's picture

It was the Bots. Whenever the word Fed appears in a news release, they overwhelm the shorts and clear the book...

Wed, 11/02/2011 - 14:31 | 1837875 Cdad
Cdad's picture

Oh...okay.  Crime wave on then.  Carry on.

Wed, 11/02/2011 - 14:13 | 1837740 qussl3
qussl3's picture

If only brent and crude were 20 bucks lower.

Better not start that shooting war in Iran so soon i suppose.

Like the Israelis are gonna cooperate.

Wed, 11/02/2011 - 15:07 | 1838098 Flakmeister
Flakmeister's picture

Umm... WTI *is* 20 bucks lower....

Wed, 11/02/2011 - 14:13 | 1837741 monopoly
monopoly's picture

So it is not all better. I just do not understand. This is so confusing. Geesh.

Wed, 11/02/2011 - 14:14 | 1837745 digitlman
digitlman's picture

I see the Fed Full of Shit - 100%

Wed, 11/02/2011 - 14:15 | 1837747 lolmao500
lolmao500's picture
  • FED OFFICIALS SEE 2011 GDP 1.6%-1.7% VS 2.7%-2.9%

Right. To be revised down in the middle of 2012 right?

Wed, 11/02/2011 - 14:15 | 1837748 SemperFord
SemperFord's picture

Unemployement has been doing up for 4 years and they keep projecting it will go down year after year while anybody who works, manufactures, knows that people are spending less WTF! I need a drink...maybe two!

Wed, 11/02/2011 - 14:23 | 1837809 Uber Vandal
Uber Vandal's picture

Of course unemployment will decrease.

Once your unemployment compensation runs out, you are no longer unemployed.

Much like inflation is roughly 2% (LOL), but peanut butter increased 40%.

http://www.cfnews13.com/article/news/2011/november/336991/Smaller-crop-s...

 

 

 

Wed, 11/02/2011 - 14:35 | 1837909 Eally Ucked
Eally Ucked's picture

Don't forget retiring boomers.

Wed, 11/02/2011 - 15:59 | 1838361 NotApplicable
NotApplicable's picture

I'm currently arbitraging peanut butter by going long peanuts from our snack machine (which have yet to go up).

Wed, 11/02/2011 - 17:13 | 1838680 Zymurguy
Zymurguy's picture

That and everytime it becomes an issue the re-formulate the calculation used to present the number... funny how that re-formulation always shows unemployment as less bad than with the earlier formulation.... hmmmmmmm.

Wed, 11/02/2011 - 14:15 | 1837750 Raynja
Raynja's picture

Its almost 3 pm, do you know where your market really is?

Wed, 11/02/2011 - 14:15 | 1837751 Smiddywesson
Smiddywesson's picture
  • FED OFFICIALS SEE 2012 JOBLESS ESTIMATE 8.5%-8.7% VS 7.8%-8.2%
  • FED OFFICIALS SEE 2013 JOBLESS ESTIMATE 7.8%-8.2% VS 7.0%-7.5%
  • FED OFFICIALS SEE LONGER-RUN JOBLESS 5.2%-6.0% VS 5.2%-5.6%
  • Absolutely hilarious!  Thank God the same Fed that said jobs were improving in the past, and was wrong, thinks they will improve in the future!  Not buying it.

    Wed, 11/02/2011 - 14:16 | 1837755 Deadpool
    Deadpool's picture

    FED OFFICIALS SEE NO REFLECTIONS WHEN THEY LOOK IN THE MIRROR

    Wed, 11/02/2011 - 14:16 | 1837757 toady
    toady's picture

    We're all gonna die

    Wed, 11/02/2011 - 14:17 | 1837759 Yen Cross
    Yen Cross's picture

     Looks like Bens' helicopter is on time.   I can feel the " rotor wash".

    Wed, 11/02/2011 - 14:21 | 1837792 sabra1
    sabra1's picture

    maybe the pilot will get cold, and close the fan!!!

    Wed, 11/02/2011 - 14:17 | 1837761 lizzy36
    lizzy36's picture

    Quick time for a UK tabloid to break a story about China providing dip financing to Italy.

    Wed, 11/02/2011 - 14:17 | 1837764 Cdad
    Cdad's picture

    News Flash...BlowHorn [CNBC]...some asshat...

    "Inflation is contained and looks to be for quite some time."

    Since my tv became a radio months ago, can someone tell me whether or not this guy's nose is growing?

    FED=100% bullshit...24/7

    Wed, 11/02/2011 - 14:38 | 1837928 LongBalls
    LongBalls's picture

    I can't tell. It's too far up Liesman's can.

    Wed, 11/02/2011 - 14:17 | 1837765 slaughterer
    slaughterer's picture

    Time to short.  Everything is in place for an absolutely miserable November. 

    Wed, 11/02/2011 - 14:19 | 1837772 GoBadgers
    GoBadgers's picture

    Regarding the statement:

    "FED OFFICIALS SEE LONGER-RUN JOBLESS 5.2%-6.0% VS 5.2%-5.6%"

    What is the Fed definition of longer-run?

    Wed, 11/02/2011 - 14:45 | 1837971 SheepDog-One
    SheepDog-One's picture

    Sometime around the year 2525.

    Wed, 11/02/2011 - 14:19 | 1837780 TooBearish
    TooBearish's picture

    FED CONFIRMS STAGFLATION
    FED CONTINUES TO PRINT MONEY ALBEIT AT A SLOWER RATE THAN 1Q11
    FED TO CONSIDER PRINTING MONEY MORE RAPIDLY
    FED RELIANT ON OUTDATED METHODS AND RELIES ON HEAVY INTERVENTION IN MARKETS TO ARTIFICALLY INFLATE ASSET PRICES
    FED SEEKS HIGHER INFLATION< ADDITIONAL DOLLAR DEPRECIATION AND DESTRUCTION OF THE MIDDLE CLASS
    FED ADMITS ONLY TOOL LEFT IN THE BOX IS RAMPANT MONEY PRINTING
    FED AIMS TO MAINTAIN STATUS QUO AND HELP REELECT CURRENT ADMINISTRATION
    FED HATES RON PAUL

    Wed, 11/02/2011 - 14:36 | 1837916 Ned Zeppelin
    Ned Zeppelin's picture

    +1!

    Wed, 11/02/2011 - 14:20 | 1837781 sabra1
    sabra1's picture

    once they bring back the draft, unemployment will drop like a rock, you all wait and see!

    Wed, 11/02/2011 - 14:28 | 1837851 lsbumblebee
    lsbumblebee's picture

    Who needs conscription when you have starvation?

    Wed, 11/02/2011 - 14:22 | 1837795 Clueless Economist
    Clueless Economist's picture

    Is this bullish for stocks?

    Wed, 11/02/2011 - 14:30 | 1837871 DB Cooper
    DB Cooper's picture

    Yes, because it's easier to beat expectations!

    Wed, 11/02/2011 - 14:55 | 1838027 IrritableBowels
    IrritableBowels's picture

    Apparently.

    Wed, 11/02/2011 - 19:41 | 1839197 Savyindallas
    Savyindallas's picture

    I don't know, but can we have a full frontal picture of you? You may or may not be clueless, but I believe you have some other attributes which could contribute to this Board.  

    Wed, 11/02/2011 - 20:18 | 1839297 Clueless Economist
    Clueless Economist's picture

    here ya go...enjoy

    Wed, 11/02/2011 - 14:24 | 1837814 catacl1sm
    catacl1sm's picture

    He just said 'transitory'. Do I take a drink?

    Wed, 11/02/2011 - 14:34 | 1837897 s2man
    s2man's picture

    I'll drink to that.

    Wed, 11/02/2011 - 14:25 | 1837829 Black Friday
    Wed, 11/02/2011 - 14:27 | 1837841 Lazane
    Lazane's picture

    Peanut butter is going the way of Beluga Caviar

    Wed, 11/02/2011 - 14:28 | 1837846 Racer
    Racer's picture

    How about pulling up that chart they had ... the with and without help ... the one where they have failed miserably even with the 'with help' bit and comparing it to their new views, uh wild guesses!

    Wed, 11/02/2011 - 14:28 | 1837850 youngman
    youngman's picture

    I think he sounds like he is out of bullets....he can do only one thing...print...and politics will not allow it...unless Obama goes around congress...and he will try...

    Wed, 11/02/2011 - 14:36 | 1837915 centerline
    centerline's picture

    The Fed is counting on it.  They laid it out there last year in plain english.

    Wed, 11/02/2011 - 14:51 | 1838010 Falcon15
    Falcon15's picture

    "Do, or do not. There is no try." - Yoda

    On a side note, he can and will most likely use an Executive Order to get the printers running at ludicrous speed, thereby hamstringing the CONgress. He has done it before, he shall do it again. History has shown this out. The Teleprompter in Chief will get his WAY. RECOVERY BITCHEZ!

    Short on paper, long on preps.

    Pray for the best, prepare for the worst.

    Wed, 11/02/2011 - 14:28 | 1837855 Yen Cross
    Yen Cross's picture

     Steve Liesman asked a politcal question? He is such a PUSSY ASSHATT!  Did ya get Bensters glowing Red Eyes on the comment? Re : run it!

    Wed, 11/02/2011 - 14:34 | 1837903 Josh Randall
    Josh Randall's picture

    The only thing Liesman's good for is emptying a buffet at Shoney's

    Wed, 11/02/2011 - 14:31 | 1837872 midgetrannyporn
    midgetrannyporn's picture

    Raising the ue forecast screams that qe3 is coming bitchez.

    Wed, 11/02/2011 - 14:32 | 1837890 Josh Randall
    Josh Randall's picture

    Birth and Life Events, Bad weather, and lack of Tradition to be popular from now until 2020

    Wed, 11/02/2011 - 14:35 | 1837911 gwar5
    gwar5's picture

    Lies squared. They lie, their numbers lie.

     

    Wed, 11/02/2011 - 14:36 | 1837913 quacker
    quacker's picture

    As a society we need to take a larger step back, and examine exactly how this cartel of privately owned international banking interests got to be the "keepers" of our economy.

    This is a Rothschilds owned and directed operation.

    What are we as a nation doing hanging on it's every word and action? It has no fundamental right to even exist - it has been an unconstitutional counterfeiting ring from day 1.

    We should shove their beige books right up their ass and disband the fucking thing already.

    Wed, 11/02/2011 - 14:40 | 1837943 undercover brother
    undercover brother's picture

    good luck with that.  ain't happening, just like change ain't happening either.  same old, same old political system and thus same old same old financial system.   move on please, nothing to see here.

    Wed, 11/02/2011 - 15:07 | 1838101 quacker
    quacker's picture

    Well we can at least dream a little dream.

    The whole thing is so sick. There's CNBC with a split screen, on one side the money printer, on the other the stock indices.

    The financial community sits there and stares at the Rothschilds-owned money printer, looking for signs that he's going to print money so it will juice the price of equities.

    Not about factories humming and people working and society investing and building - no, not about that. About a little criminal bastard money printer conjuring up fiat out of thin air to inflate financial assests for no reason other than that the rich own them.

    The whole fucking thing should be blown to smitherines. Start the fuck again with something else.

    Wed, 11/02/2011 - 16:04 | 1837945 undercover brother
    undercover brother's picture

    .

    Wed, 11/02/2011 - 14:42 | 1837954 NotApplicable
    NotApplicable's picture

    Gee, how did the Fed get so visionary all of a sudden after being blind the entire time?

    Long Visine?

    Wed, 11/02/2011 - 14:43 | 1837962 Cdad
    Cdad's picture

    Now Shakey McShakes's mouth has gone dry.  I have no picture on my tv...cannot see...but I can hear the lip smacking.  Ummm...what's to be nervous about there Shakey?

    Wed, 11/02/2011 - 14:48 | 1837995 President Palin
    President Palin's picture

    what happened to the green shoots?

    Wed, 11/02/2011 - 14:49 | 1837996 Blue Dingo
    Blue Dingo's picture

    Blame it all on the East Coast snow storm.

    Wed, 11/02/2011 - 14:48 | 1837997 AmazingLarry
    AmazingLarry's picture

    I's can only reed dis is it's like converged into da Ali G lingo. 

    Wed, 11/02/2011 - 14:50 | 1838003 MrBoompi
    MrBoompi's picture

    No Problem!  The House Republicans have it all under control.  They are voting on a bill that would make "In God We Trust" our national motto this week.  God will increase economic output shortly thereafter.

    Wed, 11/02/2011 - 18:35 | 1838971 GoBadgers
    GoBadgers's picture

    In other words, they're doing nothing. A marked improvement over a Democrat controlled House.........

    Wed, 11/02/2011 - 14:54 | 1838024 juggalo1
    juggalo1's picture

    They see longer term unemployment at 6%.  Is that the same longer term where they raise overnight interest rates?

    Wed, 11/02/2011 - 14:54 | 1838026 John Law Lives
    John Law Lives's picture

    It would be interesting to learn what industries the Fed believes will create enough jobs to lower the U-3 unemplyment rate into the 6.8 to 7.7 percent range by 2014.  I have a hard time believing that many new jobs will be created.

    Wed, 11/02/2011 - 16:05 | 1838384 NotApplicable
    NotApplicable's picture

    You've got the equation backwards. They're planning on a smaller workforce, long-term.

    Wed, 11/02/2011 - 17:43 | 1838796 John Law Lives
    John Law Lives's picture

    Who knows that the Fed is really trying to achieve.  It appears they have been working to devalue the US Dollar.  Seems rather treasonous to me for them to devalue the purchasing power of our currency.

    Wed, 11/02/2011 - 14:57 | 1838044 tim73
    tim73's picture

    DIE!

    Wed, 11/02/2011 - 14:58 | 1838052 Mike2756
    Mike2756's picture

    Any improvement in credit?

    Wed, 11/02/2011 - 15:01 | 1838065 RobertMugabe
    RobertMugabe's picture

    Bullish

    Wed, 11/02/2011 - 15:01 | 1838068 rhinotrader
    rhinotrader's picture

    Anyone have any idea why SYMS is up20% on a bankruptcy filing?

    Wed, 11/02/2011 - 15:09 | 1838113 Winston Smith 2009
    Winston Smith 2009's picture

    Isn't it amazing how the same people responsible for the economic crisis and who didn't even see it coming (or so they claim) are not only still in charge, but many people actually continue to LISTEN to what they have to say?

    Wed, 11/02/2011 - 15:11 | 1838114 virgilcaine
    virgilcaine's picture

    An educated consumer is our best customer.. the bernank.

    Wed, 11/02/2011 - 15:11 | 1838122 1835jackson
    1835jackson's picture

    Ben's advice....LIVE YOUR LIVES! (and quit whinning you debt slaves).

    Wed, 11/02/2011 - 15:26 | 1838188 Pool Shark
    Pool Shark's picture

     

     

    • FED OFFICIALS SEE 2011 GDP 1.6%-1.7% VS 2.7%-2.9% 
    • FED OFFICIALS SEE 2012 GDP 2.5%-2.9% VS 3.3%-3.7%
       
    • FED OFFICIALS SEE LONGER-RUN GDP 2.4%-2.7% VS 2.5%-2.8%
    • FED OFFICIALS SEE 2011 UNEMPLOYMENT 9.0%-9.1% VS 8.6%-8.9%
    • FED OFFICIALS SEE 2012 JOBLESS ESTIMATE 8.5%-8.7% VS 7.8%-8.2%
    • FED OFFICIALS SEE 2013 JOBLESS ESTIMATE 7.8%-8.2% VS 7.0%-7.5%
    • FED OFFICIALS SEE LONGER-RUN JOBLESS 5.2%-6.0% VS 5.2%-5.6%

    Looks like Fed Officials have "vision" problems...

    Wed, 11/02/2011 - 15:33 | 1838229 Guarded Pessimist
    Guarded Pessimist's picture

    Many many more revisions to come...

    Wed, 11/02/2011 - 15:39 | 1838257 MFL8240
    MFL8240's picture

    No growth but, lower unemployment.  How the fuck does this happen and who does the hiring?

    Wed, 11/02/2011 - 15:52 | 1838325 mayhem_korner
    mayhem_korner's picture

     

     

    Projections from Mediocrastan.  Selah...

    Wed, 11/02/2011 - 16:01 | 1838367 Randall Cabot
    Randall Cabot's picture

     

     

     Minister Farrakhan Gives Ron Paul An Attaboy

    http://www.youtube.com/watch?v=xEFa3yndLj0&feature=youtu.be   

    Wed, 11/02/2011 - 16:14 | 1838403 papaswamp
    papaswamp's picture

    So the market closes up on lower GDP and higher unemployment?.....I'm at a loss.

    Wed, 11/02/2011 - 16:44 | 1838568 reader2010
    reader2010's picture

    They need to destroy Euro first before they print America into the Weimar existence.

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